Sembcorp Marine ups stake in Gravifloat

MARCH 9, 2016 — Singapore's Sembcorp Marine Ltd has acquired an additional 44% equity stake in LNG terminal solutions provider Gravifloat AS for US$38 million. This brings its stake in Gravifloat to 56%. Under the agreement, it will eventually increase its stake by a further 44% to 100% through an equity purchase at the same price.

Gravifloat offers an alternative to existing onshore and floating LNG facilities, using steel-based modularized structures that offer the advantages of a floating solution, with the floatable modules to be fully constructed and tested at a shipyard leveraging shipbuilding expertise, fabrication methodology and infrastructure to efficiently construct the facility.

Sembcorp Marine says that Gravifloat terminals offer a more cost-competitive solution compared with FSRUs (floating, storage and regasification units), FLNG and land terminals and can be designed for both liquefaction and receiving terminal services.